Actions of the Board, Its Staff, and the Federal Reserve Banks; Applications and Reports Received

District 9: Federal Reserve Bank of Minneapolis PDF

Filings received during the week ending October 31, 2026

FilerFiling TypeFiling ProposalEnd of Comment Period
NewspaperFederal Register
C3 Holdings, Inc.* 3A1C3 Holdings, Inc., Random Lake, Wisconsin, to relocate its head office to Independence, Wisconsin, and become a bank holding company by acquiring Northern Financial Corporation, and thereby indirectly acquiring Independence State Bank, both of Independence, Wisconsin. 11/16/202612/02/2026
DEERWOOD BANCSHARES, INC.Change in Bank Control John Ohlin, individually and as trustee of the Zachariah Spalj Escrow Trust, the Kalina Spalj Escrow Trust, the Megan Hanssen Escrow Trust, the Joe Ritter Escrow Trust, and the Natalie Ritter Escrow Trust, all of Baxter, Minnesota; and of the Nicole Spalj 2025 Exempt Trust, the Bianca Spalj 2025 Exempt Trust, and the Chauntel Spalj 2025 Exempt Trust, all of Scottsdale, Arizona; to retain voting shares of Deerwood Bancshares, Inc., Baxter, Minnesota, and thereby indirectly retain voting shares of Deerwood Bank, Waite Park, Minnesota.11/17/2026Not available
DEERWOOD BANCSHARES, INC.Change in Bank Control Luke Spalj, Deerwood, Minnesota; John R. Spalj, Scottsdale, Arizona; John Ohlin, Baxter, Minnesota; Jennifer Harting, Nisswa, Minnesota; Joel Bauer, Saint Paul, Minnesota; to become the Majority Shareholder Control Group, a group acting in concert, to retain voting shares of Deerwood Bancshares, Inc., Baxter, Minnesota, and thereby indirectly retain voting shares of Deerwood Bank, Waite Park, Minnesota.11/17/2026Not available
FIRST SOUTHEASTERN BANC GROUP, INC.Change in Bank ControlThe Jerome and Barbara Bushman Lifetime Bank Stock Revocable Trust dated December 5, 2023, as amended (the "Lifetime Bank Stock Trust"), Naples, Florida, and Tia G. Bushman, Plymouth, Minnesota, Mitchell Bushman, Hatley, Wisconsin, individually and as co-trustees of the Lifetime Bank Stock Trust, and Barbara A. Bushman, Naples, Florida, as co-trustee of the Lifetime Bank Stock Trust, to join the Bushman Family Group, a group acting in concert, to retain shares of First Southeastern Banc Group, Inc., Harmony, Minnesota and thereby retain shares of First Southeast Bank, Harmony, Minnesota.11/01/2026Not available
KEWEENAW FINANCIAL CORPORATION* 3A3
* 3A5		Keweenaw Financial Corporation, Hancock, Michigan, to merge with Range Financial Corporation, and thereby indirectly acquire Range Bank, both of Marquette, Michigan11/25/202612/04/2026
PB BANCSHARES, INC.Change in Bank Control The MOR GST Trust and the MOR Non-GST Trust, Michael O. Regan as trustee, all of, Grant, Minnesota; the 2026 COR Irrevocable Trust, Casey O. Regan as trustee, both of Maplewood, Minnesota; the 2026 MMW Irrevocable Trust, Meghan M. Weyland as trustee, both of Louisville, Kentucky; the 2026 GOR Irrevocable Trust, Garrett O. Regan as trustee, both of Lakeville, Minnesota; the 2026 AJM Irrevocable Trust, Angela J. Mattingly and Michael C. Mattingly as co-trustees, all of Louisville, Kentucky; the KJR GST Trust and the KJR Non-GST Trust, Kelly J. Regan, all of Prescott, Wisconsin, and Katie J. Nath, North St. Paul, Minnesota, as co-trustees; the SOR-MDR GST Trust and the SOR-MDR Non-GST Trust, Sean O. Regan as trustee, all of White Bear Lake, Minnesota; the KJN GST Trust, the KJN Non-GST Trust, the DOR GST Trust, the DOR Non-GST Trust, Katie J. Nath as trustee, all of North St. Paul, Minnesota; the POR Non-GST Trust, Patrick O. Regan as trustee, both of Hastings, Minnesota; and the CMR GST Trust and the CMR Non-GST Trust, Katie J. Nath, all of North St. Paul, Minnesota, and Colleen M. Regan, Madrid, Spain, as co-trustees; to join the Regan Family Shareholder Group, a group acting in concert, to acquire voting shares of PB Bancshares Inc. ("PBBI"), and thereby indirectly retain voting shares of Premier Bank, both of Maplewood, Minnesota. Michael O. Regan, Patrick O. Regan, Kelly J. Regan, Colleen M. Regan, Sean O. Regan, and Katie J. Nath are members of the Regan Family Shareholder Group and were each previously permitted by the Federal Reserve System to acquire voting shares of PBBI in their individual capacities.11/17/202611/16/2026
SECURITY STATE BANK HOLDING COMPANYChange in Bank Control Zachary Watson, Fargo, North Dakota and Christopher Watson, Scottsdale, Arizona, to join the Watson Family Group, a group acting in concert, to retain shares of Security State Bank Holding Company, Fargo, North Dakota, and thereby indirectly retain shares of Bank Forward, Fargo, North Dakota.11/16/2026Not available

* Subject to the provisions of the Community Reinvestment Act

Availability of CRA Public Evaluations

The Community Reinvestment Act is intended to encourage depository institutions to help meet the credit needs of the communities in which they operate, including low- and moderate-income neighborhoods. It was enacted by the Congress in 1977 (12 U.S.C. 2901) and is implemented by Regulation BB (12 CFR 228). The regulation was revised in May 1995.

The CRA requires that each depository institution's record in helping meet the credit needs of its entire community be evaluated periodically. That record is taken into account in considering an institution's application for deposit facilities.

A copy of an institution's CRA evaluation may be obtained directly from the institution or Reserve Bank.

Federal bank regulators use the following performance levels to rate an institution's performance under CRA:

O = Outstanding
S = Satisfactory
NI = Needs to improve
SN = Substantial noncompliance

The following state member banks have been examined and their CRA public evaluations are now available.

Institution / LocationRSSD IDExam DateCRA Public DateCRA RatingExam Method
SECURITY FNCL BK, DURAND, WISCONSIN45095911/10/202505/05/2025OInt Small Bank
CRA Examinations scheduled for    Quarter of
InstitutionLocationQuarter
NONE
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Last Update: November 05, 2026